Private equity firm Bridgepoint announces IPO plans
Bridgepoint, a London-based buyout firm, announced IPO plans, whereby it will seek to raise at least £300 million at around a £2 billion valuation.
Why it matters: It remains unusual for private equity firms to list their shares, even in Europe where a few trailblazers beat U.S. firms to the punch. Particularly now that there's a mature industry whereby PE firm founders can monetize brand equity via sales of passive ownership stakes.
History: Bridgepoint was formed 21 years ago via a management buyout of NatWest's private equity group, and sold a passive stake to Dyal Capital Partners in 2018. It has 10 offices, including in Europe, China and the U.S., and currently manages around €27.4 billion across equity and debt strategies.
The bottom line: "Middle market firms like Bridgepoint have faced increasing pressure to diversify their offerings as they face greater competition that’s pushing up the cost of acquiring assets and pressuring returns." — Bloomberg